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Tron [TRX/USD] Technical Analysis: The bear has visited to stay


Tron [TRX], the 11th largest cryptocurrency in the world that recently took over two coins to gain the 11th position, is currently sitting in a delicate spot after its price slumped by over 11% today. At press time, TRX is trading at $0.0222 with a market cap of $1.46 billion and a 24-hour trading volume of $173.5 million. The market trend experienced a major breakout today before the price hit rock bottom.

TRX 1-hour candles | Source: TradingView

In the 1-hour scenario of the price candles, TRX crypto-market looks bearish, as suggested by the Parabolic SAR indicator. The dots are observed to be pushing the candles further down, leading into a bearish doom.

On the other side, the Awesome Oscillator is disagreeing with the above indicator with a green flash and arguing a bullish trend in the future TRX market.

TRX 1-day candles | Source: TradingView

In the 1-day scenario of price candles, the MACD is showing a bearish sign with multiple mixed-crossovers across the signal line. MACD has switched its stance multiple times but is indicating a bearish crossover at the moment.

The RSI is also nodding along with the MACD and is suggesting a dip in TRX price. Earlier, the indicator reached the point of an overbought signal and has taken a downturn to agree with the MACD.

However, Tron is not the only cryptocurrency to be ravaged by the bear’s assault. All the big coins across the board have experienced a stampede by the bears of the crypto-town.

Source: ambcrypto.com